First credit card?

[BaboonGuy]

I'm 18 and don't have a credit card. I figure I should get one to build up credit so I can lease a lamborghini someday. Any suggestions as to which CC I should get?

 

[Frew]

You are 18 dont get a credit card.

 

[laxjax13]

wont be that easy...

have ur mom put u on her credit card like i did for a few months to build credit.

 

[silverpig]

Just get a student credit card. Put something on it every month and then pay it off in full.

 

[notfred]

Don't get one.

 

[imported_Mike]

A student one from your bank is a good bet.

 

[EyeMWing]

I put in a Discover Platinum application a week ago. Waiting for them to come back and say "UH NO."

 

[ToeStub]

Pay cash for everything..........always.

 

[ElFenix]

leases are for suckers

 

[BaboonGuy]

well I do have 10k in cash in my bank, already have almost every toy i want, i dont think overspending on the cc will be a prob. and i have a "job" with a good income

 

[DaWhim]

if you are not in college, don't even think about it.

 

[BaboonGuy]

Oh, and I am in college

 

[Kishan]

revert to my thread, search "credit card."

Through advice here I applied for the Citi Platinum for Students. Approved with a $2k limit.

You definitely want a credit card though, just don't screw yourself- no balance carrying over.

 

[HardcoreRobot]

get whatever card you can, NO ANNUAL FEE

use it like you would use a debit card (only for things that you can pay off EVERY month)

then, PAY IT OFF every month, on time

then in a couple years you can graduate to a real nice card with rewards



dont listen to the people saying to not get a card. college is the best time to build credit, as long as you are SMART ABOUT IT. if you dont use your opportunity in college to get a card, you will have a much harder time getting one once you are not a student without a credit history

 

[Albis]

go with the citicard student dividends card

 

[everman]

Capital One does not report credit limits to those who determine your fico score. This results in inaccurate info about credit utilization (it can make it appear that you are maxing your card when you are not) I actually just read this recently, I think it was either LA Times sunday business or Fortune. (90% sure it was la times, good article)

 

[TheWart]

amex blue for students treated me well

 

[TimMyMac]

I have a citibank card that I got when I was 19. Only reason I got it was because I work for the company.

It's very difficult, if not impossible, to get a credit card if you don't have your name on a FICA score somewhere. The best things to do are

A. Get your mom/dad to take out a card with your name as the primary but with them as the secondary. (Remember to use there yearly income on the application, they won't take you without a high income) and hopefully you will be able to get a card with them. It's pretty tough to get a card when you are eighteen unless your parents have delinquent cards and the company can make money off of you. (it's funny what you learn when your a bill collector. )

B. Take a small loan 500+ agienst your car and pay it off over a year. The most important thing here is to pay all payments at the exact amount and don't pay the debt off early. Credit is not reported if it is not a debt that lasts less then 6 months.

Often though, getting your name put on as a secondary to a card ussually does nothing for your credit because most CC companies base it off the Primary owner of the card. Heck, you can have a card that is 5 months past due and it won't affect the secondary in anyway. Some credit companies will let you do a joint card where they will report on both FICA scores but, if you are a standard secondary it is a very slim chance that you will get any credit off of it. I didn't get anything off my mom's card that she had me one for two some odd years.

BTW, I love my citibank card.

I hope that helps.

 

[LtPage1]

im 18 and ive got a credit card- just get a basic one from your bank. look for a student account, one without a minimum balance. and dont EVER buy anything unless you are absolutely certain youve got enough money in your account to pay for it.

 

[Juice Box]

Originally posted by: BaboonGuy
well I do have 10k in cash in my bank, already have almost every toy i want, i dont think overspending on the cc will be a prob. and i have a "job" with a good income

that right there admits you are a drug dealer, so im sure one of your *customers* would be able to hook you up

 

[BaboonGuy]

Originally posted by: digitalsnare

Originally posted by: BaboonGuy
well I do have 10k in cash in my bank, already have almost every toy i want, i dont think overspending on the cc will be a prob. and i have a "job" with a good income

that right there admits you are a drug dealer, so im sure one of your *customers* would be able to hook you up

haha not drug dealer. poker player

 

[TimMyMac]

Oh and another thing, READ THE RICA (Contract)

 

[imthebadguy]

i got my fist card at age 15, well a card under my dads name but when i turned 19 last aug i got my own amex blue student and i was approved for 3700 credit line....not bad for a starter card....

 

[FoBoT]

Visa

 

[rh71]

ugh.. cash only blows.. I hate hitting the ATM... I go maybe once every 2 weeks.. if that, for like $60 just to keep on me. I'm home all the time and I'd have to make special trips out just to get money (no drive-thru either). And the other part is... I splurge when I see "extra" money in my wallet. I'd rather stick to the plastic... I'm not one of those overspenders just because I don't have to "pay now". I do that when I have a lot of cash on me and feel like I can afford it.

Anyway, I think Discover is a good card to get with the 1% cashback. I'm up to $300 in free money for the last 2 years (thanks in part to my wedding)... yaaaahoooooooo.